Business Owners: Ever Dealt with Elevon/Chase POS Systems?

[5fivespeed]

Hey Beyond,

I owned a business for the last two years which I closed down last month (our lease for the building was finally over). Now I closed down everything regarding the business, phone, insurance etc.

I have a debit/credit machine through Chase/Elavon/Paymentech and as I was on a two-year lease on my building I specified a two year lease for my debit/credit machine which was done. Now when I go to cancel my machine/service I am told that I have to pay a fee of $900.00 to pay out a remainder 48 months for the Elevon service, as well as a SEVEN year lease on Chase services.

I signed a two year, and someone on their end messed up. Big time. On my lease, it doesn't specify the seven year "lease term" as well as a cancellation fee for my originally done two year lease. What do I do about this? I can seek legal help however here's what I need to know as well...

From what I know, business credit and personal credit are two separate things but if I go close the account that the POS payments are coming out of, will this effect my business (it's going through a business banking account) or my personal credit. This is what I'm unsure of because I know I wont pay them out for a seven/48mo. lease that they claim I have with them.

I've googled alot of reviews on them to find a majority of unhappy customers facing the same problem. What kind of actions can I take? I'm hoping this doesn't effect my personal credit.

Cheers,
Ray

[thetransporter]

I did get my account terminated from Chase. Which was good. I signed up . they didnt like that we took customers from both US and Canada.


Well we were running the business with Arabic names. Maybe thats why.

[Crystalrw]

I've worked with Chase, Moneris, and Global Payments. They were all okay when you were actively using the service, but as soon as it comes time to end it they all turn into monsters. Any of these contract services are a pain in the ass to get rid of.

If you have a copy of the original 2 year that you signed, that's your most valuable piece of information. Do you have any records of communication between yourself and the Chase rep when you were originally discussing the deal?

I would present all the information that you have to them and explain your situation, and go from there.

As for legal advice.. hopefully you have a friend that is a lawyer because a $900 cancellation fee + a $??? cancellation fee for the Chase lease may not be worth paying the high legal fees.

[V6-BoI]

My parents used to use the Elavon POS at their restaurant before they sold it. I remember the first unit they got crapped out within a couple weeks, and it was a pain to get replaced. Then when they sold the restaurant, I think it was a pain in the ass to cancel the service. I don't recall the exact details though.

[5fivespeed]

Does anyone know if this would effect my personal credit?

Cheers,
Ray

[Amysicle]

Are you incorporated?

I ask because when you incorporate, your company is a separate legal entity. If you ran your business as a sole proprietorship/partnership, the business creditors could come after you personally.


http://www.canadabusiness.ca/eng/page/2853/

[thetransporter]

Originally posted by 5fivespeed
Does anyone know if this would effect my personal credit?

Cheers,
Ray

Ray - from past dealings I can say,

it can effect your personal credit regardless if the company is Inc or sole. These collection agencies and Chases' collection dept dont really care..


When I worked for a company , that had about over 50 workers, I know for fact it was an Inc. I ordered a service it was never installed. However the CEO did end up getting a R9 on his credit file. It took him 2 years to clear it up. It wasnt my fault nor his.

[Jynx]

This will effect your personal credit.

Most of these agreements have some sort of personal liability in the event the company defaults!

Good luck!